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The Market Week Ahead: November 5 – November 11
What looks at first glance like a potentially frenetic week on the data and headline calendar is actually setting up to be rather subdued.
Nonfarm Payrolls up an Unexpected 250,000 Positions
Nonfarm payroll employment increased by 250,000 in October, greatly surpassing the predicted increase. The US Bureau of Labor Statistics says the unemployment rate is unchanged at 3.7%.
New Jobless Claims Lowest Since 1973
New applications for unemployment aid fell last week to the lowest level since 1973 after dropping 2,000 cases from 216,000 to 214,000.
Gold Sharply Higher as Data Disappoints and the Dollar Eases
The gold market is seeing some strong buying in early action today as the dollar index weakens and some key data points potentially point to slowing growth. The yellow metal is up nearly $18 per ounce at $1232 in early trade.
ADP Reports 227,000 New Private Sector Jobs
The ADP reports that 227,000 new jobs in the private sector were created in October, much higher than polled expectations. The September total was revised down from 230,000 to 218,000.
Mortgage Applications Down 2.5%
Mortgage applications fell 2.5% last week compared to the previous week, with the overall yearly volume down 16%. According to to the Mortgage Bankers Association report released earlier today, US consumers filed fewer loan applications to buy and refinance homes.
Chicago PMI Falls to Six Month Low
According to tradingeconomics.com, the latest reading of the Chicago Purchasing Manager’s Index, or PMI, declined to 58.4 in October from a September reading of 60.4. Although a reading over 50 represents growth, the October data was the lowest reading since April.
Home Price Gains Across the US Continue to Ease: Case-Shiller Index
In a sign that the housing market in the US is slowing down, the annual gains in home prices have now declined below 6% - for the first time in a year.
Consumer Spending Strong in September Despite Income Gains Slowdown
Spending increased in September despite a slowdown in income gains growth resulting in the lowest savings rate of the year. Inflation is on target as per the Federal Reserve policy outlined for the year aimed to gradually increase interest rates.
Slow Expansion in October’s Dallas Fed Manufacturing Outlook
Texas business execs were polled by the Federal Reserve Bank of Dallas on credit availability and borrowing conditions to provide data on Texas Manufacturing Outlook, Texas Service Sector Outlook, and Texas Retail Outlook surveys all compiled into one report.
Consumer Confidence Rises to 18 Year High
According to bloomberg.com, the latest reading on Consumer Confidence rose to an 18 year high. Full employment, economic optimism and higher stock markets all likely playing role to boost confidence.
Housing Price Gains Grind to 20-Month Low
The Case-Shiller index today showed a further deterioration in the U.S. housing market as price gains slid to a 20-month low. According to tradingeconomics.com, the market fell short of consensus estimates of a 5.8% rise.
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Benjamin Roussey
Benjamin Roussey has two master’s degrees and served four years in the US Navy. He writes professionally for several sites that cover one sector of our economy to another, including GoldPrice.org.
Benjamin enjoys sports, movies, reading, and current events when he is not working online. He currently resides in the Phoenix area.
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Conor Maloney
Conor Maloney is a journalist with hundreds of articles covering financial markets and topics published on sites like Yahoo Finance and GoldPrice.org.
He is passionate about blockchain, cybersecurity, and financial independence, and he believes in gold as a viable alternative to fiat currency.
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John Moncrief
John Moncrief is an active commodities and currency trader with nearly a decade in the industry. He also has several years of experience in writing market analysis and research notes.
John’s particular interest is in examining precious metals and currency trends through a focus on macroeconomic drivers and behavioral economic theory; although he’s probably spent at least as much time reading Stan Lee as he has Richard Thaler.
Matthew Bolden
Matthew Bolden is an active trader and investor. His passions include writing about financial markets in a simple, pragmatic way. His work has been seen in various arenas within the world of global finance, and he has written commentary on several markets including precious metals, stocks, currencies and options.
Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.
Ryan Page
Ryan Page has worked for 3 years as a commodities derivative’s trader. He has been building models to analyze global macro data and evaluate risk for more than 5 years.
Ryan has been trading since he was 14 years old. He enjoys playing mid to high stakes poker, with immense experience studying and applying game theory.
